Italian Fin. Min. meets eurozone chief after bond yields hit new high

Watch Video

One day after yields on Italian and Spanish bonds hit new highs, Italy's Finance Minister Giulio Tremonti rushed to Luxembourg on Wednesday for talks with eurozone chief, Jean-Claude Juncker.

European markets have shown signs of mounting fear that an economic slowdown will hurt Italy's chances of dodging Europe's debt crisis. Prime Minister Silvio Berlusconi is about to address the parliament on the state of the economy.

Italian Premier Silvio Berlusconi, left, touches the head of Finance Minister Giulio Tremonti after addressing the Parliament on the state of the economy in Rome, Wednesday, Aug. 3, 2011.

Local residents are worried, but remain hopeful over escalating market turmoil, which has brought the country to the edge of a Greek-style financial crisis.

Italian Finance Minister Giulio Tremonti rubs his eyes during a discussion inside the Parliament in Rome in July 2011.

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.China held to 1-1 draw by Jordan

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.